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What to do when an injury impacts your finances

Work is your source of income, and if an injury compromises your ability to work, you might quickly find yourself in a dire situation. Not everybody is lucky enough to have emergency savings, and for people who already live paycheck to paycheck, finances can become even more stressful than the injury itself. There are several things every injured person should know in situations such as these.

While the party responsible for the incident should eventually be held accountable, you need immediate solutions that will help you survive and pay your current bills. These tips can help you get through your current struggles and deal with the injury you have suffered, too.

Work with creditors to make payments

During the period that you are recovering and unable to work, your bills will continue rolling in and your typical expenses will not take a break. This is often very stressful, but one of the best things you can do to alleviate the burden is connect with creditors to explain your situation and work out a payment arrangement. In some cases, you may even be able to negotiate extensions on due dates.

Wait to pay off your medical expenses

Many people underestimate the expense of medical treatments. According to HealthCare.gov, one broken leg may incur a bill as hefty as $7,500. After an injury, your impulse might be to start paying off these bills, but you should usually prioritize your other bills first. These expenses may later be deemed the responsibility of the party who caused your injury, too. 

Document all financial hardships faced

It is vital that you document any and all financial hardships you endure as a result of the injury. If you do pursue recourse, this is the best way to ensure the repayment of your expenses and afford you the time necessary to recover from your injury fully. Even if you are struggling financially as a result of the incident, following these tips and seeking legal guidance can help you land on your feet.

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Law Offices of Mark A. Thiel
3439 Brookside Rd., Suite 205
Stockton, CA 95219

Phone: 209-390-4601
Fax: 209-475-4951
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